Egyptian startup Swypex has announced the launch of its all-in-one financial services platform for businesses following a US$4 million seed investment round led by the renowned venture capital fund Accel.
Founded by Ahmad Mokhtar, Tarek Mokhtar and Sasan Hezarkhani, and licensed by the Central Bank of Egypt, Swypex is an all-in-one financial management platform that provides businesses with instant access to a financial dashboard, smart corporate cards, and seamless integrations with existing financial systems and accounting software.
Claiming to be the first comprehensive platform, designed to eliminate financial inefficiencies and unlock a business’ full potential, Swypex consolidates payments, invoice management, and smart corporate cards on a unified platform. Its products simplify financial management, empowering businesses to automate financial workflows and make payments with ease.
Its launch is funded by a US$4 million seed round, led by global venture capital firm Accel, which is making its first fintech investment in the region. It also included participation from Foundation Ventures, The Raba Partnership, and industry-leading angel investors.
“Swypex is built to give Egyptian businesses a competitive advantage, providing them with the efficiency and growth they deserve,” said Mokhtar, CEO of Swypex. “By empowering businesses with the most powerful corporate card in Egypt, paired with our all-in-one financial platform, we will help businesses simplify their financial operations and improve their financial health. Swypex is the first and last platform a finance team needs. We’re excited to partner with Accel, Foundation Ventures, and Raba to make this vision a reality, and we look forward to continuing this journey.”
Richard Kotite, vice president at Accel, said as the payments space continues to digitise, the opportunity to provide modern fintech products to Egyptian businesses has become even more important.
“Ahmad, Tarek, and Sasan have spotted a gap in the market for a comprehensive B2B solution that addresses many of the key pain points businesses regularly face while driving a step-change in efficiency. We see a real opportunity for Swypex to become a fintech champion across the Middle East. The team is technically experienced and highly ambitious, and we are delighted to be joining them on this journey,” he said.
